Ottawa’s latest round of mortgage policies could have quite the impact on current homeowners, especially those shouldering a large amount of debt. If you have a mortgage and are planning to refinance or renew in the coming months, you could be in for a bumpy ride. The two factors that will most impact your experience? Whether or not you plan … Read More
What’s the Deal With One Man Bidding Wars?
Bidding wars are a common side effect of hot real estate markets. Whether you’re bidding against one or five buyers, the situation is always tense. It’s often an all or nothing offer – go big or go home. When multiple offers are on the table, the only strategy is to aim high, which is great for sellers. So great, in … Read More
Ottawa Drops the Hammer on Mortgage Rules
Back in April, Finance Minister Mark Carney remarked that “in exceptional circumstances, if there are issues that threaten financial stability, such as household debt… the bank could use monetary policy for that purpose.” Just three months later, those exceptional circumstances have become reality. On Wednesday, the Federal Government made their move to further tighten mortgage rules, addressing concerns over high Canadian household … Read More
Can the Canadian Housing Market Fix Itself?
The Canada Mortgage and Housing Corporation released its second quarter housing market outlook today, stating that housing starts will likely moderate by the end of the year. While the market has remained hot through the first half of 2012, the Housing Corp. believes that both new and existing home market activity will eventually slow and even out. Housing starts are … Read More
Mortgage Rule Changes Not So Severe
The first round of changes to Canada’s mortgage rules were more bark than bite, according to a letter sent to the nation’s banks on Wednesday from the Office of the Superintendent of Financial Institutions. Earlier this year, mortgage experts speculated that new mortgage rules could have a dampening effect on hot real estate markets, as more and more mortgage applications … Read More